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Hannah McKay - 1 Liz Truss - 1 We're - 1 Neal Hudson - 1 Hudson - 1 Jamie Lennox - 1 shivers - 1 BoE - 1
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Search resuls for: "Jamie Lennox"


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☆ Spasms in UK mortgage market spell pain for homeowners, economy
  + stars: | 2023-06-15 | by ( Andy Bruce Sinead Cruise | Andy Bruce | Sinead Cruise | ) www.reuters.com   time to read: +6 min
The housing market has totemic importance in Britain's consumption-driven economy and is closely linked to consumer confidence. The average mortgage rate on new two-year mortgage deals rose on Wednesday to 5.90%, according to property data provider Moneyfacts - the highest since December last year, in the aftermath of the mini-budget. "It takes a far lower mortgage rate to create the same amount of financial stress in terms of repayments as a double-digit mortgage rate did back in previous periods," Hudson said. Reuters GraphicsSTRESSThe question now is how mortgage market stress will feed through into the real economy. Jamie Lennox, director at broker Dimora Mortgages, said there was "no end in sight" for the trouble in the mortgage market.
Persons: Hannah McKay, Liz Truss, We're, Neal Hudson, Hudson, Jamie Lennox, shivers, BoE, Philip Shaw, Lucy Raitano, Iain Withers, Kirsten Donovan Organizations: REUTERS, Bank of England, Investors, HSBC, Reuters, Financial, Thomson Locations: London, Britain, BoE's
☆ Market chaos forces UK lenders to pull mortgage products
  + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com   time to read: +3 min
Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.
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